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IRA required distribution can be used to support charity
As you are planning for your year end gifts, consider using your IRA required minimum distributions to support your favorite cause.
The IRA Charitable Rollover allows people age 70½ and older to make direct transfers totaling up to $100,000 per year, per individual, to qualified charities, without having to count the transfers as income for federal income tax purposes.
What charities qualify for an IRA Charitable Rollover?
IRA charitable rollover gifts must be distributed directly to a tax-exempt organization classified as a 501(C)3 public charity such as the Hamilton Community Foundation. To ease the process, we offer the following fund options that qualify for your IRA gift.
TYPES OF FUNDS
Unrestricted Fund
IRA transfers to the Unrestricted Fund address a broad range of current and future needs. The Hamilton Community Foundation evaluates all aspects of quality of life in our community—arts and culture, economic development, education, civic beautification, social services—and awards strategic grants to select projects and programs.
Field of Interest Funds
Field of Interest Funds allow you to target gifts to causes you care about: arts, education, economic development, neighborhood revitalization and more. The Hamilton Community Foundation awards grants to community organizations and programs addressing your specific interest area.
Designated Fund
Designated Funds allow you to support the good work of a specific nonprofit organization—your church, a school, a senior center, library or any qualifying nonprofit charitable organization.
Scholarship Fund
Scholarship Funds allow you to support students seeking to improve themselves through higher education.
What does NOT qualify for an IRA Charitable Rollover
- Donor Advised Funds
- Private Foundations
- Charitable Gift Annuities, Charitable Remainder Trusts, etc.
To begin the process
We recommend that you contact the IRA Administrator and ask about their procedure to execute an IRA Charitable Rollover gift.